At a glance: reward and benefits headlines this week 29 September - 5 October 2017
The headlines you might have missed between 29 September - 5 October
55% believe the public sector pay cap should be lifted
Employee Benefits: More than half (55%) of respondents think the public sector pay cap should be lifted for all public sector employees. Read story
Average contribution rate for DC schemes is 4.2% of pensionable earnings
Employee Benefits: The average total contribution rate for occupational defined contribution (DC) pension schemes in the private sector was 4.2% of pensionable earnings for 2016, according to research by the Office for National Statistics (ONS). Read story
Defined benefit pension funding deficit remains at £460bn at September 2017
Employee Benefits: The funding deficit for defined benefit (DB) pension schemes in the UK remained at £460 billion at the end of September 2017, according to research by PricewaterhouseCoopers (PWC). Read story
Younger women twice as likely to access GIP for mental health
Corporate Adviser: Younger women are significantly more likely to access group income protection for mental health issues than men, with a third of women claiming earning under £20,000, Unum’s claim statistics show. Read story
HR must do more to prove the business case for flexible working
HR Magazine: Lack of senior buy-in, role modelling from the top, and line management skill are barriers to successful implementation. Read story
Companies with the best perks around the world
HR Grapevine: It’s often in HR’s purview to create an employment package that provides more than just work. More and more candidates are looking for a job that provides meaning, purpose and, of course, perks. Read story
Half of millennials say employers don't encourage them to save, survey reveals
Professional Pensions: Just over 50% of 18-34 year olds are not actively encouraged to save into a pension by their employer, according to exclusive Aegon research. Read story
Employees understand importance of pension contributions, says research
Professional Pensions: More than half (54%) of employees said they would increase pensions contributions if their employer did the same, according to a poll by The People's Pension. Read story
Better data flow could transform pensions, but will it?
Pensions Expert: A yawning technology gap has long been identified in the sector, but many feel more than the dashboard is needed to drag pensions into the 21st century. Read story
83% value employer pension contributions
Employee Benefits: More than four-fifths (83%) of employee respondents whose employer currently contributes to their workplace pension value these contributions, according to research by The People’s Pension. Read story
40% of expatriates do not have employer-provided medical benefits
Employee Benefits: Two-fifths (40%) of expatriate respondents say they are not provided with medical benefits by their employer, according to research by Cigna. Read story
CMS extends paid maternity and parental leave for UK staff
Employee Benefits: Law firm CMS has enhanced its paid maternity and shared parental leave packages for over 2,000 UK staff. Read story
Five years of auto-enrolment bliss?
Reward Guide: After five years of auto-enrolment being enforced, less than a third of people take financial advice on their pension, and this may no longer be primarily linked to the cost of financial advice. Read story
Three-quarters of public not aware of 2018 AE rate hike
Professional Pensions: A significant majority (72%) of the public are unaware minimum employee auto-enrolment (AE) contributions will triple from 1% to 3% next April. Read story
Two-thirds say flexible working would derail their career
People Management: But majority believe it’s an important benefit, as experts urge employers to address ‘unspoken concerns’. Read story
Meet the first UK firm to offer term-time only contracts
HR Grapevine: Working parents are often faced with a tough decision – to choose between their careers, and their children. Although employers and the Government have been paying attention to the lack of support and equality when it comes to working parents, the dilemma remains. Read story
Fewer than half of DB transfers deemed suitable by FCA
Professional Pensions: The Financial Conduct Authority deemed fewer than half (47%) of the defined benefit (DB) transfers it reviewed - where the recommendation was to transfer - to be suitable, its latest report has shown. Read story
19% of 66 to 71 year-olds working full or part-time to supplement pension
Employee Benefits: More than one in five (19%) of respondents between the ages of 66 and 71 are still working full or part-time to supplement their retirement incomes, according to research by Dunstan Thomas. Read story
Allen and Overy increases pay by up to 4.7% for trainee and newly qualified lawyers
Employee Benefits: International law firm Allen and Overy has increased pay for its trainee and newly qualified lawyers by up to 4.7%. Read story
Five effective ways to deal with staff sickness
Reward Guide: Staff sickness and injury not only affect the individual but also creates problems with meeting deadlines and schedules as well as maintain productivity. Read story
Salaries for HR roles rising faster than any other sector
People Management: But number of jobs on offer drops by more than a third, says study. Read story
A fifth of employers don’t measure effectiveness of benefits
Health Insurance Daily: A fifth (20%) of employers in the UK have no measure in place to assess the effectiveness of their employee benefits package, a poll suggests. Read story
Royal Mail employees vote for strike action in dispute over pensions
Employee Benefits: Employees who work for postal organisation Royal Mail and are members of the Communication Workers Union (CWU) trade union, have voted in favour of strike action in an ongoing dispute over the planned closure of the organisation’s defined benefit (DB) pension scheme to future accrual. Read story
Deloitte and Unilever recognised for family-friendly policies
Employee Benefits: Professional services organisation Deloitte and consumer goods business Unilever have been recognised by employees for their family-friendly policies at 2017’s Mumsnet Family Friendly Awards. Read story
Welsh government to introduce distinct income tax rates
Employee Benefits: The Welsh government will introduce distinct rates of income tax for UK taxpayers residing in Wales from April 2019. Read story
SJP to compensate over pension withdrawal error
Money Marketing: SJP call centre told client the withdrawal could be processed in five working days. Read story
Negative repercussions for employees disclosing mental health issues
HR Magazine: Many employees have faced negative consequences after admitting problems. Read story
Employees could face reduced income at retirement – WEALTH at Work
Incentive and Motivation: Employees left vulnerable to making poor decisions which could lead to a reduced income at-retirement. Read story
5 minutes with Zurich…
Reward Guide: Julie Thomas, head of diversity & inclusion at Zurich Insurance Group shares the journey Zurich has had to embed a culture of wellbeing on a global scale. Read story
5 minutes with Generali…
Reward Guide: Damian Ross, regional manager at Generali Employee Benefits Network discusses the importance of wellbeing on a global scale with Reward. Read story
Which workers can expect the best pay-rise?
HR Grapevine: With increased focused on stagnant wages and public sector pay caps, many workers are likely feeling undervalued by their employers. Read story
Tesco deficit increases by £250m; ups contributions by £15m
Pensions Age: Supermarket giant Tesco has increased its annual pension contributions to its defined benefit scheme by £15m a year following its latest triennial valuation, which revealed its deficit has increased by £250m. Read story
Tobacco workers ‘furious’ over JTI’s plan to close DB scheme
Pensions Age: Tobacco workers at Gallaher’s are “furious” over its parent company’s plans to close its final salary defined benefit scheme to future accrual. Read story
PASA to launch mediation service for TPA transfers
Professional Pensions: The Pensions Administration Standards Association (PASA) will set up a mediation service to help schemes resolve issues when changing third-party administrator (TPA), PP can reveal. Read story
BBC reports a 10.7% mean gender pay gap
Employee Benefits: Media organisation the British Broadcasting Corporation (BBC) has reported a mean gender pay gap of 10.7% as at 31 March 2017 for its public service staff. Read story
94% of group personal pension members invest in default fund
Employee Benefits: The majority (94%) of group personal pension (GPPs) members invest in their scheme’s default fund, according to research by the Pensions Policy Institute (PPI) and Columbia Threadneedle. Read story
16% say in-house childcare would make a difference in fulfilling caring responsibilities
Employee Benefits: Just under one-fifth (16%) of respondents cite in-house childcare or crèche facilities as the one family-friendly benefit not currently available to them that they feel would make a difference in allowing them to fulfil their caring responsibilities, according to research by Mumsnet. Read story
TPR intervenes in 281 suspected scams since 2012
Money Marketing: The year with the most interventions for suspected scams was 2013/14 when TPR used its powers 87 times. Read story
Tusker CEO: 'Finally, some good news about car salary sacrifice’
HR Grapevine: When the Government announced its intention to reform the tax treatment of salary sacrifice schemes in the 2016 Autumn Statement, many feared that this would have a drastic impact on both company car drivers and the UK car industry. Read story
Caroline Parker: The heavy lifting on auto enrolment starts now
Corporate Adviser: Five years after launch the auto enrolment challenge is arguably getting bigger, not smaller says ITM client development manager, auto enrolment Caroline Parker. Read story
Royal Mail commits to further talks with CWU ‘as a matter of urgency’
Pensions Age: Royal Mail has stated that it is committed to further talks with its workers’ union, the Communication Workers Union to prevent industrial action and reach an agreement on its long-running pension dispute. Read story
Almost three-quarters of employees ‘put in more effort’ when working from home
People Management: Close to three-quarters (73 per cent) of workers have revealed that they put more effort in than is required when working from home, according to new research. Read story